Barack Obama, the US presidential candidate, has ended his overseas tour with a round of meetings in London, visiting Tony Blair, the former prime minister, before going on to talks with Gordon Brown.
United States House of Representatives passed on Thursday a massive housing rescue bill that could help struggling homeowners get cheaper loans. The vote came after the White House announced that President George Bush had dropped his threat to veto it.
The bill will now be passed to the Senate for approval before being signed into law.
President George W Bush has explained the credit crunch savaging United States financial markets by saying Wall Street got drunk.
United States says it is ready to cut its trade-distorting farm subsides to 15 billion US dollars a year in a bid to reach a global trade deal that could help boost the world economy.
A US Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy US citizens commit massive tax evasion, and urged the establishment of tougher laws to combat offshore tax havens around the world.
Tuesday was a particularly black day for the US with a rainfall of bad news including Federal Reserve chairman Ben Bernanke forecast of numerous difficulties ahead for the US economy plus reports of the highest inflation since 1981.
United States inflation accelerated at its fastest pace in 17 years in June driven higher by surging energy prices. Consumer prices were 5% higher than a year ago and rose 1.1% on a monthly basis, the Labor Department said on Wednesday.
United States Assistant Secretary for Western Hemisphere Affairs Thomas Shannon said Washington will provide information to Latin American countries on the actions of the fourth fleet in Atlantic waters, to ease concerns that erupted after the United States decided to re-activate that fleet.
The United States government has announced sweeping measures to shore up the nation's two largest mortgage finance companies, Freddie Mac and Fannie Mae.
The United States trade deficit shrank in May even when average prices for imported oil surged during the month to a record, according to a US Department of Commerce release on Friday. The deficit narrowed to 59.8 billion US dollars from 60.5 billion in April as both exports and imports rose to record highs.